Ramco-Gershenson Properties Trust (RPT) has reported 59.78 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $13.54 million, or $0.15 a share in the quarter, compared with $33.67 million, or $0.38 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $25.78 million, or $0.32 a share compared with $29.76 million or $0.37 a share, a year ago. 

Revenue during the quarter went up marginally by 0.03 percent to $64.08 million from $64.06 million in the previous year period.

Cost of revenue dropped 3.65 percent or $0.66 million during the quarter to $17.35 million. Gross margin for the quarter expanded 104 basis points over the previous year period to 72.93 percent.

Total expenses were $47.41 million for the quarter, up 4.88 percent or $2.20 million from year-ago period. Operating margin for the quarter contracted 342 basis points over the previous year period to 26.01 percent.

Operating income for the quarter was $16.67 million, compared with $18.85 million in the previous year period.

Revenue from real estate activities during the quarter was almost stable at $64.08 million, when compared with the previous year period

Income from operating leases during the quarter went up marginally by 0.66 percent or $0.31 million to $47.66 million. Revenue from tenant reimbursements during the quarter was almost stable at $15.29 million, when compared with the previous year period.

Income from management fees during the quarter plunged 76.60 percent or $0.24 million to $0.07 million. Revenue from other real estate activities during the quarter was $1.06 million, down 9.13 percent or $0.11 million from year-ago period.

“Based on our solid performance in the quarter and year to date we are on track to meet our stated business objectives for 2016,” said Dennis Gershenson, President and Chief Executive Officer. “Our two Michigan shopping center sales and subsequent purchase of Centennial Shops in metropolitan Minneapolis reflect our continued focus on selling lower-growth centers and redeploying that capital into high-quality shopping centers, that have significant internal growth potential and the ability to add long-term value through strategic redevelopments, in attractive first ring metropolitan sub-markets.”

Net receivables were at $15.88 million as on Sep. 30, 2016, down 1.16 percent or $0.19 million from year-ago.

Total assets declined 5.60 percent or $120.72 million to $2,033.73 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,135.93 million as on Sep. 30, 2016, down 8.75 percent or $108.92 million from year-ago.

Return on assets moved down 85 basis points to 1.23 percent in the quarter. At the same time, return on equity moved down 220 basis points to 1.32 percent in the quarter.

Debt comes down
Total debt was at $998.60 million as on Sep. 30, 2016, down 9.63 percent or $106.45 million from year-ago. Shareholders equity stood at $897.80 million as on Sep. 30, 2016, down 1.30 percent or $11.80 million from year-ago. As a result, debt to equity ratio went down 10 basis points to 1.11 percent in the quarter.

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